NOVEMBER 2011
FED - Federal Bill C-25 re Pooled Registered Pension Plans
Following up on the consultation paper it released in December of 2010, the federal government introduced Bill C-25, the Pooled Registered Pension Plans Act on November 17, 2011. Bill C-25 sets out a legal framework for the establishment and administration of pooled registered pension plans - a "large-scale and low-cost" defined contribution pension plan.
Source: http://www.parl.gc.ca/HousePublications/Publication.aspx?Docid=5250468&file=4
ON - Revised Procedural Rules for Financial Services Tribunal
The Ontario Financial Services Tribunal has released a draft of revised Rules of Practice and Procedure for comment. Comments are due by December 15, 2011.
Source: http://www.fstontario.ca/english/FST-Rules-Review-2011draft.pdf
ON - Ontario Ministry of Finance Opens Second Window for Temporary Solvency Funding Relief
Earlier this year the Ontario government announced temporary solvency funding relief for certain public sector plans. In order to qualify, the plans were required to apply during specified "windows". The first window for applying for funding relief was open from February 10, 2011 to March 23, 2011. The second window is open from November 7, 2011 to December 30, 2011.
Source: http://www.fin.gov.on.ca/en/media/2011/pspp.html
ON - FSCO Final Risk-Based Regulation Framework
Following up on an earlier consultation paper, the Financial Services Commission of Ontario has finalized its risk-based framework for the regulation of pension plans.
Source: http://www.fsco.gov.on.ca/en/pensions/fsco_consultations/Documents/Framework_Final.pdf
NS - Nova Scotia Bill 96 re Pension Reform
In response to the recommendations of the Nova Scotia review panel and the government's discussion paper, Nova Scotia has introduced Bill 96, An Act Respecting Pension Benefits, for first reading on November 15, 2011. The Bill is currently at second reading. If passed, the current Nova Scotia Pension Benefits Act would be repealed and replaced with Bill 96.
Source: http://nslegislature.ca/legc/bills/61st_3rd/1st_read/b096.htm
General - CAPSA Guideline re Prudent Investments
The Canadian Association of Pension Supervisory Authorities (CAPSA) has released Guideline No. 6 - Pension Plan Prudent Investment Practices Guideline (the Investment Guideline) in final form. In connection with the Investment Guideline, CAPSA has also developed a Self-Assessment Questionnaire for plan administrators. The Questionnaire asks plan administrators to review their plan's investment practices and consider a number of issues/activities when determining whether they are investing prudently.
Source:
http://www.capsa-acor.org/en/init/prudence/Pension_Plan_Prudent_Investment_Practices_Guideline.pdf
http://www.capsa-acor.org/en/init/prudence/Self_Assessment_Questionnaire_on_Prudent_Investment_Practices.pdf
General - CAPSA Guideline re Funding Policies
The Canadian Association of Pension Supervisory Authorities has released a final version of Guideline No. 7 - Pension Plan Funding Policy Guideline (the Funding Guideline). The Funding Guideline provides guidance on the development and adoption of written funding policies for defined benefit pension plans.
Source: http://www.capsa-acor.org/en/init/prudence/Pension_Plan_Funding_Policy_Guideline.pdf